Adorna Carroll, President of Dynamic Directions and one of the most well versed and educated realtors around, shares what you need to know to start your company from the ground up.
Carroll has run up to five companies at one time, now she takes it easy and just runs three. Her risk taking personality has always taught her to “go for it”. If you’re looking to start a business, Carroll knows what it takes. She urges agents to begin by asking themselves “why?”. Why are you looking to start your own real estate company? As with so many things in real estate, once the why is determined, the rest of the process becomes easier.
Plan It Out
Carroll warns about the “cons” of running your own business. It’s stressful, and the toll it takes on your personal life can be a heavy price to pay. Start with making a business plan. How will you accomplish and define your business goals? Include both long and short term goals. List the tools you will need to succeed including the right technology. Compare the costs and make sure you begin with a clear vision of what it’s going to take to start your business.
Will you be a start-up? Acquisition? If you’re planning to partner with another agent, Carroll warns “test drive people as long as you can”. Be honest with yourself about the person’s strengths and weaknesses.
Do It Right
“The worst thing you can do is operate on the edge. You have to make sure that you’ve got policies and procedures in place,” cautions Carroll.
Companies struggle when they don’t have policies around topics such as sexual harassment and social media clearly stated. After running five companies, Carroll has seen it all. She advises all business owners to think, prepare and plan for their company policies. There are companies out there who have made it easy for you to create a policy manual by doing most of it for you. Don’t reinvent the wheel. Copy them.
Once your policies and procedures are set, execute them.
“I prefer to be “bottom up” management. I will tell you from a policy standpoint, I want the group to understand the rules, help create the rules, and then defend the rules,” advises Carroll.
Building The Team
Now that the groundwork is laid, it’s time to recruit and bring on your employees.
“When you look at someone as a recruit, you will see them at their most put together, punctual, and happy self. Watch people over time,” warns Carroll.
She suggests that business owners have a generational balance in their business. Each generation has their advantages, and they can all bring something different to the table. As your company matures, look at bringing on the next generation. In addition to diversifying your culture, real estate clients may be more comfortable with an agent in their age range. It’s best to cover your bases. Carroll suggests business owners take the course: Managing a Multi-Generational Business.
Continue Learning
Caroll and her team have put together numerous courses to help you succeed as a real estate business owner. Check them out. Learn from those who have done what you are trying to do. Learning is a life-long process. In order to be a successful business owner, continually look for new avenues of education and development and include your team in the process.
What’s the biggest lesson you learned while building your business?
